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Advisors vow to keep an eye on social security fund

(Xinhua)
Updated: 2007-03-11 10:09

China's political advisors have vowed to keep an eye on the country's social security fund to prevent the money from being misused.

"Social security fund provides the money for subsistence to the general public. Many elderly people count their life on it. Therefore, we must tighten supervision over it," Li Weixiong, a political advisor, said Saturday at a press conference on the sidelines of the Tenth National Committee of the Chinese People's Political Consultative Conference (CPPCC).

Concerns over social security fund being misused were escalating in China following the exposure of theShanghaisocial security fund scandal, which involved 3.7 billion yuan (474 million U.S. dollars) and led to the downfall of over a dozen senior officials and business people.

Li, vice chairman of the Subcommittee of Population, Resources and Environment of the CPPCC National Committee, said there were always some people who wanted to make a fortune with social security fund.

"The Shanghai scandal has sounded the alarm," Li said, adding that the political advisors will keep an eye on the money.

He also hoped the media would enhance supervision over social security fund. "If we all remain vigilant, the money will be safer. "

China is expected to rake in some 56.6 billion yuan in pension fund this year. Premium revenue from medical and jobless insurance will reach 183.5 billion and 35.3 billion yuan, respectively.

Last year, China's National Audit Office discovered 7.1 billion yuan of social security funds either being illegally borrowed, used or deposited.

In his annual government work report delivered to the lawmakers on March 5, Chinese Premier Wen Jiabao promised that the government will strengthen supervision over and management of social security funds and strictly prevent them from being misused.

An earlier meeting on clean government building held by the State Council, or cabinet, urged governmental audit agencies at all levels to strengthen supervision over social security funds and publicly accumulated housing funds.